Acquired in a blockbuster trade from the New York Jets last April, the Bucs agreed to a 6-year, $96 million contract with the former first round draft pick out of Pittsburgh.

In his one season in Tampa Bay, Revis started all 16 games, intercepting two passes and posted a sack.

Revis was set to make $16 million dollars next season, and was due a $1.5 millionroster bonus if he was on the Bucs roster as of 4 p.m. on Wednesday afternoon.

"Darrelle showed a lot of heart last year as he worked extremely hard to get himself back on the field following his knee injury sustained the previous season. We have specific ideas regarding the best way to build this defense and, while you never like to lose a good player, we believe this is in the best interests of our team moving forward. Darrelle was a true professional here in Tampa Bay and we wish him continued success in his career," said Licht.

Revis was the subject of trade buzz prior to his release, but indications point to the Buccaneers being unable to make a deal for the five-time Pro Bowler.

The Buccaneers acquired Revis after his 2012 season was cut short due to an ACL Injury limiting him to just two games.

Since the hiring of new Buccaneers head coach Lovie Smith, many called in to question Revis' ability to work with in the zone based Tampa 2 defense, since Revis had been known as a man on man coverage specialist.

The Bucs will now forfeit a third round pick in the 2014 to the Jets completing the trade for Revis.